Looking to balance out your exposure to SHLS? The ETFs below have the lowest correlation with SHLS — they tend to move on their own, which can help reduce risk when SHLS drops. The stock ideas table highlights individual companies that behave independently from SHLS.
Best Diversifiers for SHLS
1 ETFs have low correlation with SHLS (below 0.3), 0 of which are negatively correlated. The least correlated is Global X Lithium & Battery Tech ETF (LIT) (Commodity Producers Equities) with a 1Y correlation of 0.28, roughly unchanged from 0.38 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X Lithium & Battery Tech ETF | 0.28 | 0.34 | 0.38 | 94 | Commodity Producers Equities | SHLS vs LIT | |
| Invesco QQQ ETF | 0.40 | 0.33 | 0.38 | 73 | Nasdaq-100 | SHLS vs QQQ | |
| State Street SPDR S&P 500 ETF | 0.42 | 0.36 | 0.39 | 70 | S&P 500 | SHLS vs SPY |
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from SHLS, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to SHLS and solid risk/return profiles. The least correlated is Lantheus Holdings, Inc. (LNTH) (Healthcare) with a 1Y correlation of 0.06, down from 0.22 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Lantheus Holdings, Inc. | 0.06 | 0.14 | 0.22 | 57 | Healthcare | |
| Palo Alto Networks, Inc. | 0.11 | 0.11 | 0.21 | 67 | Technology | |
| ENEL Societa per Azioni | 0.13 | 0.18 | 0.21 | 75 | Utilities | |
| NVIDIA Corporation | 0.20 | 0.15 | 0.26 | 78 | Technology | |
| M/I Homes, Inc. | 0.20 | 0.24 | 0.29 | 62 | Consumer Cyclical |
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